Crude Oil prices surged greater than 6% over the previous two days with WTI poised to check a key weekly resistance barrier simpl
Crude Oil prices surged greater than 6% over the previous two days with WTI poised to check a key weekly resistance barrier simply larger. These are the up to date targets and invalidation ranges that matter on the oil price weekly chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Loonie value setup and extra.
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Crude Oil Value Chart – WTI Weekly
Chart Ready by Michael Boutros, Technical Strategist; Crude Oil (WTI) on Tradingview
Notes: In my earlier Oil Weekly Price Outlook we famous that WTI had, “been testing this key help barrier since June and whereas the broader threat stays decrease, the short-bias stays weak whereas above the 51-handle.” The help zone in focus was 50.59-51.60 – a area outlined by the June swing low and the 61.8% retracement of the December advance. The September low at 50.97 held into the October shut with the next restoration now approaching key confluence resistance.
The instant focus is on response at 58.45/61– the place the 61.8% retracement and the September high-week shut converges on parallel resistance. A breach / shut above this threshold is required to maintain the long-bias viable concentrating on extra crucial resistance at 2018 open / 61.8% retracement of the April decline at